GUBBELS BENOIT: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
GUBBELS BENOIT
Largest movements
- Tangible fixed assets +€74,166
up €74,166 (+3.3%), from €2.3m to €2.3m
of which Plant, machinery and equipment: +€199,320
- Receivables within one year +€64,813
up €64,813 (+17.8%), from €363,108 to €427,922
of which Trade receivables: +€79,188
- Debts after one year +€272,564
up €272,564 (+23.4%), from €1.2m to €1.4m
- Trade debts -€236,317
down €236,317 (-37.4%), from €632,647 to €396,330
of which Suppliers: -€233,031
- Profit (loss) carried forward +€68,892
up €68,892 (+8.6%), from €798,743 to €867,635
- Current portion of long-term debt +€49,403
up €49,403 (+21.8%), from €227,023 to €276,425
- Gross operating margin +€120,173
up €120,173 (+14.9%), from €808,757 to €928,930
- Depreciation +€63,736
up €63,736 (+21.0%), from €304,080 to €367,817
- Staff costs +€31,349
up €31,349 (+7.9%), from €394,596 to €425,944
- Financial charges +€19,605
up €19,605 (+84.3%), from €23,257 to €42,862
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,967,152 | €3,115,976 | +€148,823 | +5.0% |
| Formation expenses | 20 | €38,510 | €32,915 | -€5,595 | -14.5% |
| Fixed assets | 21/28 | €2,267,981 | €2,340,449 | +€72,467 | +3.2% |
| Intangible fixed assets | 21 | €13,146 | €11,447 | -€1,699 | -12.9% |
| Tangible fixed assets | 22/27 | €2,251,827 | €2,325,993 | +€74,166 | +3.3% |
| Land and buildings | 22 | €1,386,547 | €1,322,243 | -€64,305 | -4.6% |
| Plant, machinery and equipment | 23 | €103,191 | €302,511 | +€199,320 | +193.2% |
| Furniture and vehicles | 24 | €342,038 | €259,465 | -€82,572 | -24.1% |
| Leasing and similar rights | 25 | €420,051 | €441,775 | +€21,723 | +5.2% |
| Financial fixed assets | 28 | €3,008 | €3,008 | = | 0.0% |
| Current assets | 29/58 | €660,661 | €742,612 | +€81,951 | +12.4% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €363,108 | €427,922 | +€64,813 | +17.8% |
| Trade receivables | 40 | €260,540 | €339,728 | +€79,188 | +30.4% |
| Other amounts receivable | 41 | €102,568 | €88,194 | -€14,374 | -14.0% |
| Cash at bank and in hand | 54/58 | €270,175 | €295,448 | +€25,273 | +9.4% |
| Deferred charges and accrued income | 490/1 | €27,378 | €19,243 | -€8,135 | -29.7% |
| Total equity and liabilities | 10/49 | €2,967,152 | €3,115,976 | +€148,823 | +5.0% |
| Equity | 10/15 | €819,203 | €888,095 | +€68,892 | +8.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €798,743 | €867,635 | +€68,892 | +8.6% |
| Amounts payable | 17/49 | €2,147,950 | €2,227,881 | +€79,931 | +3.7% |
| Amounts payable after more than one year | 17 | €1,164,833 | €1,437,397 | +€272,564 | +23.4% |
| Financial debts | 170/4 | €1,164,833 | €1,437,397 | +€272,564 | +23.4% |
| Amounts payable within one year | 42/48 | €983,117 | €789,973 | -€193,144 | -19.6% |
| Current portion of amounts payable after more than one year | 42 | €227,023 | €276,425 | +€49,403 | +21.8% |
| Trade debts | 44 | €632,647 | €396,330 | -€236,317 | -37.4% |
| Suppliers | 440/4 | €629,361 | €396,330 | -€233,031 | -37.0% |
| Bills of exchange payable | 441 | €3,286 | €0 | -€3,286 | -100.0% |
| Taxes, remuneration and social security | 45 | €29,548 | €24,346 | -€5,201 | -17.6% |
| Taxes | 450/3 | €1,983 | €1,021 | -€962 | -48.5% |
| Remuneration and social security | 454/9 | €27,565 | €23,326 | -€4,239 | -15.4% |
| Other amounts payable | 47/48 | €93,900 | €92,871 | -€1,029 | -1.1% |
| Accrued charges and deferred income | 492/3 | - | €512 | +€512 | |
| Remuneration, social security and pensions | 62 | €394,596 | €425,944 | +€31,349 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €304,080 | €367,817 | +€63,736 | +21.0% |
| Other operating charges | 640/8 | €22,139 | €16,682 | -€5,456 | -24.6% |
| Gross operating margin | 9900 | €808,757 | €928,930 | +€120,173 | +14.9% |
| Operating profit (loss) | 9901 | €87,942 | €118,486 | +€30,544 | +34.7% |
| Financial income | 75/76B | €84 | €475 | +€391 | +466.3% |
| Recurring financial income | 75 | €84 | €475 | +€391 | +466.3% |
| Financial charges | 65/66B | €23,257 | €42,862 | +€19,605 | +84.3% |
| Recurring financial charges | 65 | €23,257 | €42,862 | +€19,605 | +84.3% |
| Profit (loss) for the period before taxes | 9903 | €64,768 | €76,099 | +€11,331 | +17.5% |
| Income taxes | 67/77 | €3,775 | €7,207 | +€3,432 | +90.9% |
| Profit (loss) for the period | 9904 | €60,993 | €68,892 | +€7,899 | +13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €60,993 | €68,892 | +€7,899 | +13.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.